Could the Pound improve against the Canadian Dollar? (Tom Holian)

Canadian Dollar Suffers Seven-Week Low Following the Spread of the Coronavirus

We have seen very little movement for Pound vs the Canadian Dollar over the last month and we have also seen little movement for Sterling exchange rates against all major currencies.

Since the Tories agreed a deal with the DUP the foreign exchange markets have remained very range bound and it appears as though the market is waiting for something to happen.

Indeed, in all my years in this industry which dates back to 2003 I cannot remember a more quiet time in terms of movement for GBPCAD exchange rates.

Later today we could begin to start seeing movement on GBPCAD rates when we see the release of both Import and Export data for the month of May. Canada is hugely reliant on what happens south of the border and also today we have the release of US Trade Balance and US Jobless Claims.

Both sets of data are likely to cause movement for the Canadian Dollar so keep an eye out for the announcements if you need to either buy or sell Canadian Dollars.

Tomorrow could bring with it the biggest day in recent weeks in terms of exchange rate movement for the Pound vs the Canadian Dollar as we have a huge amount of economic data in the UK, Canada and the US.

UK Industrial & Manufacturing data is published early tomorrow followed by US Non-Farm Payroll data mid-afternoon. We end the week with Canadian Unemployment data so it is very important to watch out for what happens tomorrow.

Having worked for one of the UK’s leading currency brokers since 2003 I am confident that with my experience I can offer you better exchange rates than using your bank as well as helping you with the timing of your transfer.

If you would like further information or a free quote then contact me directly and I look forward to hearing from you.

Tom Holian [email protected]